I state problems, I receive solutions. A happiness is me.

Sunday, 23 June, Year 5 d.Tr. | Author: Mircea Popescu

About two months ago I was saying :

The problem is simply this : dooglus does something absolutely useful for which he’s currently not getting paid. This is in my view immoral, inasmuch as what he is doing is useful he should be paid for it. The problem is that what he’s doing is principally useful to S.DICE, and him being on S.DICE’s payroll is singularly the one thing that’d damage the credibility of his work.

This creates a painful dilemma, whereby highly qualified work that takes time and effort creates a product which is valuable mostly to the degree those chiefly benefiting from it aren’t also the ones paying for it. As such this is a more acute restatement of what’s known in literature as “the disaster of commons”, which is an unfortunate state of affairs with no known good solutions.

Meanwhile, Dooglus started a dice site of his own : just-dice.com. It has all the doohickeys young folks todayi go for, like provable fairness without blockchain interraction, like hotkeys and even rounded corners. What truly sets it apart however is not the 1% house edge, but the financing model.

Basically he's taken the MPOE bonds and adapted them to his needs : anyone with a balance on the site can sweep part or all of it into financing the house. The highest accepted bet equals 1% of the total capital thus swept, and the capital holders receive the gains or the losses, as they areii. Dooglus himself charges 1% of the net gains (which would presumably equal 1% of the total wagered) for fixed expenses such as servers and coffee and that's that.

The model is well thought through, the site is beautifully designed, it's recently broken through a number of milestonesiii and has collected something to the tune of 5k BTC available capital to cover bets. Pretty good for a three day old site, I would say.

The moral of the story would be that it always pays to take your time and build your name by being useful. Karma, if you prefer.

  1. As opposed to 2012. []
  2. From what I understand an update is in the works, allowing one to set his own %, not necessarily 1%, according to his own risk appetite. A good idea. []
  3. The crazy martingale is actually mine. []
Category: Bitcoin
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2 Responses

  1. [...] but most of those are equities and options contracts. The lone debt instrument I know of is the MPOE Bond2which backs the options trading robot, in a manner similar to but predating Just-Dice’s [...]

  2. [...] in here pretending like you're hot shit. We're the hot shit. We will bury you. You come in peace, do something useful for a while and stfu. That's the path : hard work and stfu. [↩]And since we're on the topic, [...]

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